Tag Archives: foreign exchange markets

December 4, 2019 : EUR/USD Intraday technical analysis and trade recommendations.

Since October 2, the EURUSD pair has been trending-up until October 21 when the pair hit the price level of 1.1175.The price zone of (1.1175 – 1.1190) stood as a significant SUPPLY-Zone that demonstrated bearish rejection for two consecutive times in a short-period.Hence, a long-term Double-Top pattern was demonstrated with neckline located around 1.1075-1.1090 offering valid bearish positions few weeks ago.That’s why, two consecutive bearish pullbacks were executed towards 1.1025 and 1.0995 where two episodes of bullish rejection were demonstrated.Recent bullish pullback was demonstrated towards 1.1065-1.1085 where a cluster of supply levels were located (61.8% Fibo – 50% Fibo levels) that initiated a bearish movement towards 1.1000.On the other hand, recent price action suggested a high probability of bullish reversal around 1.1000 that brought the EURUSD pair again towards 1.1065-1.1085 as expected.Thus, the EUR/USD Pair has been trapped between the price levels of 1.1000 and 1.1085 until Today as a bullish spike is being demonstrated towards 1.1110.Initial bearish rejection should be anticipated around 1.1110 to bring bearish decline towards 1.1065.Moreover, a Head & Shoulders reversal pattern is being demonstrated with neckline located around 1.1065.Hence, a valid SELL entry can be offered upon bearish breakout below 1.1065. Initial bearish target would be…

U.S. Private Sector Employment Rises Much Less Than Expected In November

Private sector employment increased by much less than anticipated in the month of November, according to a report released by payroll processor ADP on Wednesday. ADP said private sector employment rose by 67,000 jobs in November after climbing by a revised 121,000 jobs in October. Economists had expected employment to jump by 140,000 jobs compared to the addition of 125,000 jobs originally reported for the previous month. “The job market is losing its shine,” said Mark Zandi, chief economist of Moody’s Analytics. “Job openings are declining and if job growth slows any further unemployment will increase.” The weaker than expected job growth came as a continued increase in employment in the service-providing sector was partly offset by a loss of jobs in the good-producing sector. The service-providing sector added 85,000 jobs, driven by healthcare and professional services, while the goods-producing sector lost 18,000 jobs. Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said job creation slowed across all company sizes but noted small companies continued to face more pressure than their larger competitors. The report said employment at small businesses edged up by 11,000 jobs, while large and mid-sized businesses added 27,000 jobs and 29,000 jobs, respectively….

BTC 12.04.2019 – Watch for another down wave

Crypto news:Cryptocurrency data analytics firm, CoinMetrics, recently published the 28th issue of its weekly ‘State of the Network’ series, reporting changes in network data over the past week. According to CoinMetrics, mining revenue for both Bitcoin and Ethereum are down significantly for the second consecutive week, mostly due to the pronounced fall in prices over the same period.The report also showed that ETH fees dropped by 14.4% this week, compared to the 20% growth seen the week before, which CoinMetrics attributed to the launch of the Gods Unchained marketplace.The data also highlighted that Bitcoin’s market value to realized value (MVRV) ratio had started to increase over the past week, after dipping to a six month low of 1.23 last week. The report noted that as of 1 December, BTC MVRV was 1.32.Technical analysis:Bitcoin has been trading higher in the past 8hours. Anyway, BTC reached and rejected of the very important resistance at the price of $7.650, which his good sign that sellers are still in control. In my opinion BTC did re-test of the broken bear flag pattern. Watch for selling opportunities and downward targets at $7.079, $6.889 and $6.561. MACD oscillator is showing neutral stance and no expansion.Resistance levels are…

EUR/USD for December 04,2019 – First upward objective at the price of 1.10964 reached, potential for more upside

EUR did break our important multi-pivot resistance at 1.1094 and reached first upward target. There is potential for further upside and potential test of 1.1176 (second upward target). MACD oscillator is showing increase on the upside momentum, which is good sign that buyers are in control and that buying on the dips is preferable strategy for today. The cause of the upside move on the EUR may be the news from ECB this week combined with US-China potential trade deal.Support levels are seen at the price of 1.1094 (resistance became support) and 1.1066. Resistance level is set at 1.1176.The material has been provided by InstaForex Company – www.instaforex.com…

GBP/USD: plan for the US session on December 4. The services sector revived demand for the British pound, which went to update

To open long positions on GBPUSD, you need:The services sector has revived demand for the British pound, which went to renew highs before the important general election in the UK, which is scheduled for December 12 this year. The breakout of the large resistance of 1.3009, which I paid attention to in my morning forecast, led to the demolition of several stop orders of sellers and further supported GBP/USD. At the moment, after fixing above the next resistance of 1.3039, the bulls rushed to the maximum of 1.3074 and 1.3125, where I recommend taking the profits. With a downward correction in the second half of the day, which is unlikely to happen today, you can count on new purchases after a false breakout at a minimum of 1.3055.To open short positions on GBPUSD, you need:Sellers are in no hurry to return to the market after the demolition of several stop orders. Therefore, it is best to focus on the resistance of 1.3125, the formation of a false breakout on which will be a signal to sell the pound. Otherwise, it is best to sell GBP/USD on a rebound from the level of 1.3167. Only good data on the services sector in…

Trading plan for EUR/USD for December 04, 2019

Technical outlook:EUR/USD is seen to be drifting sideways for last 2 trading sessions after breaking out higher last week and printing highs at 1.1094 levels. It is high probable for the euro bulls to push through 1.1110 and 1.1130 levels which are seen as short-term targets. The current wave structure is pointing towards a bullish EUR/USD in the near term, while a potential bottom seems to have been formed at 1.0981 last week. Until 1.0981 remains intact, bulls are expected to print higher highs and higher lows towards 1.1180, 1,1150 and above. Besides, note that 1.0980 is well supported by fibonacci 0.618 retracement of the previous rally along with the past resistance that turned into the support zone as marked here. On the flip side, if the price drops below 1.0981 lows, it is likely to find support at 1.0940, which is close to the fibonacci 0.786 support/retracement. To sum up, please be aware that prices may drop one last time below 1.0981 before turning bullish.Trading plan:Remain long against 1.0879, the target above 1.1500Good luck!The material has been provided by InstaForex Company – www.instaforex.com…

Analysis of EUR / USD and GBP / USD for December 4. China is racing for new duties from Donald Trump

EUR / USD
On December 3, the EUR/USD pair completed without a fundamental change in the exchange rate. Despite the fact that the current wave marking involves the completion of the construction of the downward correctional part of the trend and the construction of a new upward trend, there are still doubts before the successful attempt to break the maximum of wave b that markets will be able to bring this scenario to life. Nevertheless, it will be possible to speak more confidently about the prospects for the euro currency after the peak of wave b remains below. If the attempt to break through the peak of wave b is unsuccessful, then the instrument can proceed to construct a horizontal wave structure.
Fundamental component:
On Tuesday, the news background for the euro-dollar instrument was weak. There were a lot of news and economic reports on Monday, which caused quite strong purchases of the euro. However, on Tuesday, there are no news except Donald Trump’s new threats to impose duties on the entire world, in particular the countries of Europe and China. It is the topic of the trade war with China that keeps many economists awake, as the next…

GBP/USD. Pound on the line: Conservatives hold the power, Trump threatens China again

Yesterday, the pound paired with the dollar tested the 30th figure again for the first time since the end of October. The sharp rise in prices was associated not only with the strengthening of the British currency, but also with the weakening of the dollar. At the same time, the dollar index updated multi-week lows yesterday in response to an external fundamental background. Now, if the pound is waiting for December 12, which is the day of the British Parliament, the US currency is afraid of another date – December 15. On this day, the United States intends to introduce a new 15% duty on Chinese imports in the amount of $ 160 billion. Trump’s recent statements indicate that the fate of the new duties is in the hands of China itself: either Beijing makes concessions and concludes a deal, or the trade war continues. Against this backdrop, the dollar has come under significant pressure, as a new round of global conflict is filled with another round of interest rate cuts by the Fed.
But let’s start with the British events. The pound is fully focused on the ups and downs of the election campaign, where the main competitors…

EUR/JPY approaching support, potential bounce!

Trading Recommendation
Entry: 120.0051Reason for Entry: 100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support
Take Profit : 120.6125Reason for Take Profit: Horizontal overlap resistance, 61.8% Fibonacci retracement
Stop Loss: 119.6574Reason for Stop loss::horizontal swing low support, 76.4% fibonacci retracementThe material has been provided by InstaForex Company – www.instaforex.com…

AUD/USD approaching support, potential bounce!

Trading RecommendationEntry: 0.6831Reason for Entry: 127% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap supportTake Profit : 0.68615Reason for Take Profit: horizontal overlap resistance61.8% Fibonacci retracementStop Loss: 0.6886Reason for Stop loss:horizontal overlap resistance76.4% Fibonacci retracementThe material has been provided by InstaForex Company – www.instaforex.com…